Via Instapundit:

Foresight Institute has appointed Dr. Peter Diamandis, Chairman of the X PRIZE Foundation, to lead the think tank’s Nanotechnology Prize Steering Committee. The leading think tank and public interest organization focusing on nanotechnology, Foresight Institute established the Feynman Grand Prize in 1996 to motivate scientists and engineers to design and construct a functioning nanoscale robotic arm with specific performance characteristics.

I’m a little sceptical of prizes in nanotech because unlike space (with its huge — especially as you get to geosynchronous and beyond — initial investments, unknown potential for return and potential years before breakeven) nanotech is generally understood to be much more commercially lucrative and has lower initial investments. There is also no dearth of academic and commercial research in the subject worldwide. Hence the prize does not quite add as much value here as it in the case of the X Prize. Failed attempts at winning the Feynman Prize will also not be (discounting gray goo scenarios) as potentially spectacular as failed rocketry/plane-launch attempts, thus possibly affecting public interest, but that’s another story.

On the other hand, most of this research is materials-oriented work (such as nanofibers in your pants), and a robotic arm that performs as well as simple bacteria is still a BHAG, so perhaps some good will come out of this.